Colombian economy

Government, Private Sector Muddling-Through Financial Challenges of Coronavirus

Medellin Herald March 30, 2020

Colombia President Ivan Duque on March 29 hailed the move by the Ministry of Finance to extend COP$70 trillion (US$17 billion) in favorable credits to banks and their commercial, industrial and consumer customers — in order to enable broader debt refinancing, maintain employment and keep

Companies

EPM Full-Year 2019 EBITDA Rises 17% Year-on-Year

Medellin Herald March 27, 2020

Medellin-based multinational utilities giant EPM revealed in a March 27 filing with Colombia’s Superfinanciera corporate oversight agency that its full-year 2019 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17% year-on-year, to COP$6 trillion (US$1.5 billion). EBITDA margin hit 33% — best in five years, according to EPM. Out of its

Colombian economy

Colombia President: Coronavirus to Cut 2020 Economic Growth; Fedesarrollo Foresees Feeble 1.2% PIB

Medellin Herald March 27, 2020

Colombia President Ivan Duque announced March 27 that the Coronavirus crisis and the resulting quarantine of most of the population is likely to cut Colombia’s gross domestic product (“PIB” in Spanish initials) this year. While late-2019 and early-2020 forecasts had indicated that Colombia seemed on track for around 3.5% PIB growth this year, Duque stated […]

Companies

EPM Maintains Investment-Grade Rating Following ‘CaribeMar’ Deal; Colombia Power Demand Dips on Coronavirus Crisis

Medellin Herald March 25, 2020

Medellin-based electric power giant EPM announced March 24 that Wall Street bond rater Moody’s just decided to maintain EPM’s “Baa3” investment-grade bond rating following its winning bid for the “CaribeMar” utility in Colombia’s Caribbean region. “After the analysis of non-recurring issues that the company has been going through — such as the [three-year

Companies

EPM Wins ‘CaribeMar’ Utility Auction, Becomes Colombia’s Biggest Electric Power Player

Medellin Herald March 20, 2020

Medellin-based multinational electric power giant EPM announced March 20 that it won the auction bidding for the “CaribeMar” assets formerly belonging to the financially troubled, state-owned “Electricaribe” power utility around the Caribbean coast of Colombia. As a result, EPM “will be the new operator of the electric power service in Bolívar, Cesar, Córdoba and Sucre”

Companies

ISA Full-Year 2019 Net Income Rises 7.5% Year-on-Year

Medellin Herald March 5, 2020

Medellin-based multinational electric power transmission, highways concessions and telecom service provider ISA announced March 4 that its full-year 2019 net income rose 7.5% year-on-year, to COP$1.6 trillion (US$457 million). Revenues rose 12.5% year-on-year, to COP$8.1 trillion (US$2.3 billion), while earnings before interest, taxes, depreciation and amortization

Colombian economy

Foreign Direct Investment in Colombia Jumps 25% Year-on-Year; Exports Hit Record

Medellin Herald March 4, 2020

Colombia’s Ministry of Commerce, Industry and Tourism (“MinCIT”) announced March 3 that Colombia’s exports of goods and services in 2019 hit a record US$25.29 billion, while foreign direct investment (FDI) in Colombia soared 25.6% year-on-year, to US$14.49 billion. FDI in the commerce, restaurants and hotels sector jumped by 85.7% year-on-year, according to Banco de

Companies

Mineros SA 2019 Profits Dip Year-on-Year Due to Argentina Acquisition-Cost Calculation

Medellin Herald March 4, 2020

Medellin-based multinational gold mining giant Mineros SA on March 4 reported a 27% year-on-year profits drop for full-year 2019 — due to an accounting calculation for costs of its Argentinian mining acquisition, which it got at a relatively favorable price in 2018. Full-year 2019 net income came-in at COP$123 billion (US$35.6 million), with the dip […]

Companies

Conconcreto Full-Year 2019 Profits Dip 11% Year-on-Year

Medellin Herald March 2, 2020

Medellin-based highway, tunnel and buildings-construction giant Constructora Conconcreto on March 2 reported an 11% decline year-on-in full-year 2019 profits, to COP$64.8 billion (US$18 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) also dipped 13%, to COP$170 billion (US$48 million), while gross revenues fell 12%, to COP$945 billion

Companies

‘Avianca Express’ Launches in Return to Medellin’s Downtown Olaya Herrera Airport

Medellin Herald March 2, 2020

Colombia-based aviation giant Avianca announced February 13 the launch of its new “Avianca Express” division for new routes including flights from Medellin’s downtown Olaya Herrera airport (EOH). Absent from EOH for 20 years, “Avianca Express” soon will launch flights utilizing ATR-72 propeller aircraft to and from downtown Medellin — initially serving Quibdó,